HEI Exhibit 12.1
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Hawaiian Electric Industries, Inc. and subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Three months ended Three months ended
March 31, March 31,
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(dollars in thousands) 1999 (1) 1999 (2) 1998 (1) 1998 (2)
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Fixed charges
Total interest charges (3)..................... $36,642 $69,344 $34,646 $70,750
Interest component of rentals.................. 1,101 1,101 832 832
Pretax preferred stock dividend requirements
of subsidiaries............................... 992 992 2,489 2,489
Preferred securities distributions of
trust subsidiaries............................ 3,999 3,999 3,096 3,096
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Total fixed charges............................ $42,734 $75,436 $41,063 $77,167
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Earnings
Pretax income from continuing operations....... $33,197 $33,197 $38,640 $38,640
Fixed charges, as shown........................ 42,734 75,436 41,063 77,167
Interest capitalized........................... (640) (640) (1,616) (1,616)
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Earnings available for fixed charges........... $75,291 $107,993 $78,087 $114,191
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Ratio of earnings to fixed charges............. 1.76 1.43 1.90 1.48
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(1) Excluding interest on ASB deposits.
(2) Including interest on ASB deposits.
(3) Interest on nonrecourse debt from leveraged leases is not included in total
interest charges nor in interest expense in HEI's consolidated statements
of income.
Note: Three months ended March 31, 1998 ratios have been restated to remove the
effects of discontinued operations.